Short to IT bearish but only a B wave top...not a 2....(although we won't know if it's a B or 2 for awhile) but it's going to feel like a wave 3 down because I think a 5 Wave C wave will carry us down for our first 10% correction in this bull run (10% from the top). I think this C wave will get us to the previous 4th and the .382 retrace at minimum but I think we could get down to the 635 area after that. Worry about that later.
Couple of reasons for my take .. The ED on OEX looks picture perfect and we haven't hit the minimal measured move at the previous 4th. I'm a big fan of the 34 over 68 cross which we have...but when both move below the 200 (or above in an uptrend) there is usually a reaction in price in the opposite direction ie wave 2 or b wave correction, before continuing ...but those crosses are either bullish or bearish...in this case bearish.
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